Michael Comras, head of the Miami Beach-based Comras Company, is planning a significant redevelopment of several properties on Lincoln Road following his firm’s recent acquisition. The purchase involved 11 storefronts located at various addresses along Lincoln Road and North Lincoln Lane. The deal was financed with a $117 million loan from Acore Capital, based in San Francisco.
The seller in this transaction was Morgan Stanley, which had acquired the assemblage in 2014 as part of a larger portfolio deal valued at $342 million. Coral Gables-based Terranova previously owned the properties and retained a stake after selling to Morgan Stanley.
Current tenants occupying these spaces include The Cheesecake Factory, Salt & Straw, It’Sugar, and Lincoln Eatery. According to information provided by Comras Company, there are plans to redevelop the properties into a boutique shopping district called NoLi—short for North Lincoln Road. The project will feature Via NoLi, an 18-foot-wide passageway through the 700 block that will connect to North Lincoln Lane and be lined with boutique stores and dining options.
Additional plans for the redevelopment include NoLi Plaza with café seating, a central fountain, greenery, and converting North Lincoln Lane from a service alley into a pedestrian walkway with expanded sidewalks and outdoor seating areas. Retail units will range from about 400 to 4,000 square feet.
A previous attempt to sell this portfolio fell through when the Cohen family—owners of Duane Reade drugstores—could not secure financing or an equity partner despite being under contract for more than $150 million.
Comras Company has operated since 1992 and also owns other nearby properties on Lincoln Road. Its current tenants include Aldo, Swarovski, and Hoka. In 2015, Michael Comras sold another block on Lincoln Road to Pontegadea for $370 million.
Lincoln Road has experienced challenges recently as some national tenants have left for newer retail destinations like Miami Design District and Wynwood. Many storefronts remain vacant; however, landlords report that occupancy rates are around 77 percent with new tenants preparing to move in.
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